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Oil Prices Are Unlikely To Break $40 This Year

Oil Prices Are Unlikely To Break $40 This Year

Despite production cuts from OPEC+…

Oil Prices Fall On Bearish EIA Data

Oil Prices Fall On Bearish EIA Data

Oil prices fell on Thursday…

News

Russian River Will Take Decades To Recover After Fuel Spill

Russian River Will Take Decades To Recover After Fuel Spill

Jun 03, 2020 at 17:26 | Irina Slav

Some 20,000 tons of fuel and lubricants spilled into an Arctic river near the industrial city of Norilsk and it will take decades for the river, Ambarnaya, to recover, the…

First Oil Workers Evacuate Ahead Of Tropical Storm Cristobal

First Oil Workers Evacuate Ahead Of Tropical Storm Cristobal

Jun 03, 2020 at 15:32 | Julianne Geiger

Occidental Petroleum is evacuating some of its Gulf of Mexico oil facilities ahead of the anticipated storm Cristobal, Occidental said on Wednesday. The evacuated workers so far will be limited…

Shell Considers Selling Australian LNG Assets For $3 Billion

Shell Considers Selling Australian LNG Assets For $3 Billion

Jun 03, 2020 at 12:11 | Tsvetana Paraskova

Shell is weighing the sale of 26 percent in facilities of the QGC liquefied natural gas (LNG) project it operates in Queensland, eastern Australia, which could fetch up to US$3…

Oil Major Eni Plans To Accelerate Green Energy Efforts

Oil Major Eni Plans To Accelerate Green Energy Efforts

Jun 03, 2020 at 12:00 | Tsvetana Paraskova

Italy’s Eni is considering creating a separate division to focus on renewable energy as the oil and gas major—like other European oil firms—is looking to drastically cut emissions and accelerate…

U.S. Steps Sanctions On Venezuela As Oil Exports Hit 17-Year Low

U.S. Steps Sanctions On Venezuela As Oil Exports Hit 17-Year Low

Jun 03, 2020 at 11:14 | Julianne Geiger

The United States ratcheted up its sanctions on Venezuela’s oil industry on Tuesday, focusing this time on maritime companies and their assets who have been assisting the Latin American country…

Offshore Drillers Buckle Up As Tropical Storm Cristobal Approaches

Offshore Drillers Buckle Up As Tropical Storm Cristobal Approaches

Jun 03, 2020 at 10:18 | Irina Slav

Cristobal, the tropical storm that formed earlier this week, is gathering strength, threatening parts of Mexico and Central America with floods but has yet to reach the offshore platforms in…

Trump: Saudi Arabia And Russia Will Extend Cuts

Trump: Saudi Arabia And Russia Will Extend Cuts

Jun 03, 2020 at 09:21 | Irina Slav

U.S. President Donald Trump believes OPEC+ and Saudi Arabia and Russia specifically will stick to their oil production cut agreement, a senior Washington official told Reuters, adding that a change…

Surprise Crude Draw Sends Oil Prices Soaring

Surprise Crude Draw Sends Oil Prices Soaring

Jun 02, 2020 at 15:53 | Julianne Geiger

The American Petroleum Institute (API) estimated on Tuesday a small crude oil inventory draw of 483,000 barrels for the week ending May 29. Analysts had predicted an inventory build of…

China Revives Plans For Huge $20B Refinery, Petrochemical Complex

China Revives Plans For Huge $20B Refinery, Petrochemical Complex

Jun 02, 2020 at 15:13 | Tsvetana Paraskova

China has given the go-ahead to plans for a huge $20-billion refinery and petrochemical complex in the Shandong province, the home of the country’s independent refiners, Reuters reported on…

OPEC’s Second Largest Producer Won’t Give Up On Output Cuts

OPEC’s Second Largest Producer Won’t Give Up On Output Cuts

Jun 02, 2020 at 14:08 | Tsvetana Paraskova

OPEC’s second-largest producer and the biggest laggard in the output cuts, Iraq, will further reduce production and remains committed to the OPEC+ pact, Iraqi Deputy Prime Minister and acting Oil…

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